Back in the late 1990s a mate of mine was a pilot for the RFDS QLD section. I remember him telling me that he earned less than the flight nurse, and this was in a job which was regarded as one of the best going in GA.
Many suitable people looked at the investment involved and lack of reward at the end, unless you were in the tiny percentage that got into QF/AN and took their talents into a different area. The hard yards required at the time were another deterrent as not everyone was prepared to go bush to start filling up their logbooks.
Employers who previously wouldn't have even looked at you without an endorsement and time on type have had a huge reality check. We are effectively missing a whole generation of pilots who should be working in the middle of the industry between the entry level job and airline jet. Previously they would be the airline recruitment pool whilst providing valuable experience for employers who needed more than a bare CPL. The training they could provide based on real world experiences rather than simply following a text book was priceless to new pilots entering the industry
The tree has been shaken to death by now and no more pilots are falling out.